GSI Technology (NASDAQ:GSIT) Coverage Initiated at Needham & Company LLC

Stock analysts at Needham & Company LLC initiated coverage on shares of GSI Technology (NASDAQ:GSIT) in a report released on Monday, Marketbeat Ratings reports. The firm set a “buy” rating and a $9.00 price target on the semiconductor company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 76.13% from the stock’s current price.

A number of other research firms have also commented on GSIT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of GSI Technology in a report on Friday, July 17th. Wall Street Zen lowered GSI Technology from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, GSI Technology presently has an average rating of “Hold” and an average target price of $9.00.

GSI Technology Stock Performance

Shares of GSIT opened at $5.11 on Monday. The firm has a market capitalization of $196.38 million, a price-to-earnings ratio of -11.11 and a beta of 2.10. The business’s fifty day moving average price is $6.01 and its two-hundred day moving average price is $7.12. GSI Technology has a 52 week low of $3.23 and a 52 week high of $18.15.

GSI Technology (NASDAQ:GSIT) last released its earnings results on Thursday, July 30th. The semiconductor company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.06. The company had revenue of $6.31 million during the quarter, compared to the consensus estimate of $7.30 million. GSI Technology had a negative return on equity of 21.39% and a negative net margin of 62.90%.

Institutional Investors Weigh In On GSI Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System acquired a new position in GSI Technology during the 2nd quarter worth approximately $26,000. CIBC Private Wealth Group LLC bought a new position in GSI Technology in the fourth quarter valued at $31,000. Osaic Holdings Inc. increased its stake in GSI Technology by 52.1% in the 2nd quarter. Osaic Holdings Inc. now owns 12,012 shares of the semiconductor company’s stock valued at $40,000 after buying an additional 4,112 shares during the last quarter. Bank of America Corp DE lifted its position in GSI Technology by 8,247.6% during the 2nd quarter. Bank of America Corp DE now owns 13,690 shares of the semiconductor company’s stock worth $46,000 after buying an additional 13,526 shares in the last quarter. Finally, Prelude Capital Management LLC acquired a new position in shares of GSI Technology during the 3rd quarter worth approximately $52,000. Institutional investors and hedge funds own 33.15% of the company’s stock.

GSI Technology Company Profile

GSI Technology, Inc is a fabless semiconductor company specializing in the design and development of high-performance memory products. Headquartered in Sunnyvale, California, the company was founded in 1995 and has focused its efforts on content addressable memory (CAM) and high-speed SRAM (static random-access memory) solutions. As a publicly traded company listed on NASDAQ under the ticker GSIT, GSI Technology leverages advanced architectures to meet demanding data-processing requirements.

The company’s core product portfolio includes ternary CAM (TCAM) devices, binary CAM (BCAM) devices and high-speed synchronous SRAM.